Best Savings Bank Account in India

#1. Kotak Mahindra Bank (Highest Saving Interest Account)

Kotak Mahindra bank offers one of the highest saving account interest rate in India. You would get up to 6% interest rate on your saving account. Even the FD interest rate of SBI, HDFC and ICICI ranges between 6 to 7%.

So you can earn approximately the same fixed deposit interest rate on your saving account without locking your money.

Kotak 811 Digital Bank is one of the best saving accounts provided by Kotak bank. 811 is a zero balance saving account that you can open online through your mobile or laptop.

Benefits of Kotak 811 Account

Instant account opening

Hight interest rate (up to 6%)

Zero balance account

The whole accounting process is paperless

You can seamlessly open the saving account while sitting in your house without going to the bank branch.

#2. ICICI Bank (For Best Technology)

Opening a savings bank account with ICICI is like banking at fingertips with 200+ banking services offered online.

The amazing tech experience starts with iMobile banking app which is user-friendly and is secured using PKI end-to-end 265-bit encryption.

You can check transactions and balances, transfer funds, open MF, FD, RD PPF and NPS accounts, pay bills and insurance premiums, book tickets and even manage your demat portfolio with iMobile.

Best For

Individuals who are tech-savvy, have no time for branch visit and like to use mobile for most of the payments and banking transactions.

ICICI bank’s internet banking has a superior interface and navigation where you can find all the information at one place. All the authentication factors are present on the same page, making fund transfer quick and easy.

Further, you can access all service request from a single location. All of which provides a hassle-free user experience.

Even you can open a savings account online and can get account number instantly.

Best Savings Account Options by ICICI Bank

ICICI Regular Savings Account

ICICI Silver Savings Account

ICICI Gold Privilege Savings Account

ICICI Titanium Privilege Savings Account

Monthly Average Balance

Rs. 10,000 to Rs. 1,25,000 (depending on variant)

Rate of Interest

Up to 1 Lac – 3.5% Above Rs. 1 Lac- 3.5%

Account Opening Process

Online and Branch visit

Channel of Access

Mobile, Netbanking, Branch & ATMs

Ease of use

User-friendly and easy

What We Like

Best mobile app

Online banking is smooth & flawless

Always 10 steps ahead in technology than any bank in India

What We Didn't Like

No extra benefits to a loyal customer

Banking product benefits are average

#3. HDFC Bank (For Best Products)

HDFC bank has one of the best products in the market – best credit cards, deposits rates, loans, Payzapp, Smarthub or Samsung pay.

Best or unique products from HDFC Bank

HDFC Diners Club Black Credit Card

Diners club black is a super premium credit card from HDFC where you save up to 33% while shopping at 10X partner brands like Flipkart, Amazon, Yatra & Cleartrip via Smart Buy.

The card lets you earn 1 reward points per Rs. 30 spent and has a higher reward value of 1 rupee per reward point.

HDFC Smart Buy

An online shopping platform linked to banks website where merchants display exclusive products and services for all the HDFC Bank’s customers.

The customers get the best deals from e-commerce companies such as Snapdeal, Flipkart and Amazon.

HDFC on Chat

HDFC on Chat is a natural language processing based artificial intelligence platform that lets you chat on Facebook messenger for making payments.

HDFC on Chat can be used even by non-customers to avail services like bill payments, mobile recharge, travel, movies and event bookings, etc.

HDFC Personal Loans on ATMs

For existing customers, HDFC banks provide an option of availing small instant personal loans at the ATM. The option shows on the ATM screen. All you need is to e-agreement on the screen and the money gets transferred to your account.

The facility is based on the customer’s financial details and fair assessment of their profile. ICICI and SBI are the other banks providing this facility.

HDFC Bank has another set of premier banking services and products where you have exclusive pricing, phone banking services and lifestyle benefits.

The premier banking includes customized solutions for needs related to

Investments in equity & mutual funds,

Tax payments,

Insurance

Portfolio management services.

All the premier banking needs are looked after by a dedicated relationship manager.

For availing premier banking you need to have a higher monthly average balance in your savings account. Which starts from Rs. 1 Lakh for classic premier banking to Rs. 10 Lacs for Imperia premium banking.

Best Saving Accounts from HDFC Bank

HDFC Savings Max Account

HDFC Regular Savings Account

HDFC Basic Savings Banks Deposit Account

Monthly Average Balance

Rs. 5,000 to Rs. 25,000 (depending on variant)

Rate of Interest

Up to 1 Lac – 3.5% Above 1 Lac- 3.5%

Account Opening Process

Online and Branch visit

Channel of Access

Mobile, Netbanking, Branch & ATMs

Ease of use

Average

What We Like

They offer good products (like credit cards) to loyal customers

Premium bank products have great benefits

What We Didn't Like

Average service

Average technology (poor mobile app)

Staff is not knowledgeable or may misguide the customers

Best For

Anyone who is looking for a premium, best and customized products.

#4. Axis Bank (For Good Services)

I don’t have any personal experience with Axis bank but I find that they have won many awards related to customer support.

Best Contact centre at the customer experience awards 2018

Best Loyalty Program in the financial sector for the second consecutive year from 2018

Best rewards program for the fifth consecutive year from 2015

Axis is the only bank which gives rewards points on account-related transactions. You can earn reward points even for ECS, standing instructions, opening RD or demat account.

Best For

Persons who are looking for the best services and quality customer care.

Axis Bank also offers two different sets of savings bank account. Easy access and prime with lower account balance requirements and Prime plus, Priority and Burgundy with higher balance requirements.

Best Axis Bank Savings Account

Savings Account

Minimum Average Balance

Axis Easy Access Savings Account

Monthly Rs. 10, 000 (metro/ urban) to Rs. 5,000 (semi-urban)

Axis Prime Savings Account

Monthly Rs. 25,000 (metro/ urban) to Rs. 10,000 (semi-urban)

Axis Prime Plus Savings Account

Monthly Rs. 1 Lac

Axis Priority Savings Account

Quarterly Rs. 2 Lacs

Axis Burgundy Savings Bank Account

Quarterly Rs. 10 Lacs

The details for the savings bank account are

Rate of Interest

Up to 1 Lac – 3.5% Above 1 Lac- 3.5%

Account Opening Process

Online, Physical Branch Visit

Channel of Access

Mobile, Netbanking, Branch & ATMs

Ease of use

Average

What We Like

Quality customer support

Reward points for normal banking transactions

What We Didn't Like

Benefits only at higher relationship value

#5. Citi Bank (Global Presence)

If you have global banking requirements for your family members or relatives, then look no other than Citibank.

You can find support from 4000 Citibank branches across 42 countries for all your banking requirements whenever you want.

Best For

A person who requires global banking services.

Citibank solves your fund remittances through solutions like

Citi Global Transfers

Wire Transfers

Automated Clearing House

Foreign Currency draft

Wherein you can send funds up to Rs. 3 Lacs per day or receive up to Rs. 30 Lacs per day from your Citibank account to that of family members Citibank account.

Best Citibank Savings Account

Savings Account

Net Relationship Value Required over 3 months

Citi banking Savings Account

Rs. 15 Lacs

Citi Priority Savings Account

Rs. 15 Lacs

Citigold Savings Account

Rs. 75 Lacs

Citigold Private Savings Account

Rs. 5 Crores

The details for the savings bank account are

Rate of Interest

Up to 1 Lac – 3.5% Above 1 Lac- 3.5%

Account Opening Process

Online through website

Channel of Access

Mobile, Netbanking, Branch & ATMs

Ease of use

Average to poor

What We Like

Global presence

Easy money receipts and transfers

What We Didn't Like

Services available only in 23 cities in India

#6. IndusInd Bank (Low AQB yet Great Features)

The savings bank accounts from IndusInd has a good value proposition in terms of lower average balance requirements and great features.

The premium savings bank accounts like Maxima, Select, Exclusive lets you earn up to 6X rewards points on activating POS, and other net banking and mobile banking transactions.

IndusInd Bank rewards points are based on monthly spends with spends of over Rs. 40,000 help you earn up to 5X to 6X points per 200 rupees spent. Plus each reward points values 0.50 paise for auto cash back credit or 2 reward points equals 1 JP Miles.

IndusInd Bank's unique benefits

IndusInd Bank has a unique group account benefit with Maxima savings account where you have the option to open two add on accounts for free. Even the average balance under the group account can be maintained across the three accounts together.

Another value is the privilege active savings account where the bank waives monthly balance requirement for being active. You only need to do a monthly transaction of Rs. 2500 on POS and net banking or mobile banking, bill and EMI payment from the account.

However, the bank charges a penalty of Rs. 350 for being inactive.

Best IndusInd Bank Savings Account

Savings Account

Minimum Balance Requirements

Indus Online Savings Account

Monthly Rs. 10,000

Indus Exclusive Savings Account

Relationship value from Rs. 1 Lac onwards

Indus Select Savings Account

Relationship value from Rs. 50,000 onwards

Indus Maxima Savings Account

Quarterly Rs. 20,000 to 40,000

Indus Privilege Max Savings Accounts

Monthly 20,000

Indus Privilege Savings Account

Monthly Rs. 5,000 to 10,000

Indus Privilege Active Savings Account

Waived based on transaction

Indus Classic Savings Account

Monthly Rs. 1,500 to 10,000

Indus Easy Savings Account

NIL

The other details for savings accounts are as under

Rate of Interest (on daily balance)

Up to 1 Lac – 4% Above 1 Lac- 5 to 6%

Account Opening Process

Online through website

Channel of Access

Mobile, Netbanking, Branch & ATMs

Ease of use

Average to poor

What We Like

Lower minimum average balance requirements

Door to door services

5X to 6X reward points per Rs. 200 spent

Unique group account benefit

What We Didn't Like

Few savings account require initial funding

Best For

Persons looking for lesser monthly average balance with valuable features.

Best Banks with Highest Interest Rate on Saving Account in India

#7. IDFC Bank

IDFC Bank offers one of the highest interest rates of up to 7% interest on your savings account. The balance required is in excess of Rs. 2 Lacs.

Even with a lower balance, you can earn 6% which is 2.5% higher than the interest rate offered by other banks.

The biggest benefit is that there are no charges or penalties if you failed to maintain the minimum balance.

Persons who are looking to earn a higher interest income and other banking benefits.

#9. Yes Bank

Yes bank gives you the opportunity to customize your savings account.

While opening the account you have the flexibility to choose the debit card, pricing options (alternative to maintaining minimum balance) account related benefit packages and even the complimentary introductory offers.

Best Yes Bank Savings Account

Yes Bank’s Customizable Savings Account

Yes Bank Smart Value Savings Account

The details for savings accounts are as under

Monthly Average Balance

Rs. 1000 to 25,000 rupees

Rate of Interest

Up to 1 Lac – 5% Above 1 Lac- 6% to 6.25%

Account Opening Process

Online through website

Channel of Access

Mobile, Netbanking, Branch & ATMs

Ease of use

Average

What We Like

Higher rate of interest

Pricing options (alternative to maintaining minimum balance)

Flexibility to choose certain account related benefits

What We Didn't Like

Less variants of savings account

Best For

Individuals who are looking to earn a higher interest income and flexibility in picking other banking benefits.

#10. Lakshmi Vilas Bank

Pick Lakshmi Vilas bank for savings account only if you are located in the southern part of the country and the branch is nearby.

There are no great benefits except for the higher rate of interest.

Best Lakshmi Vilas Bank (LVB) Savings Account

Lakshmi Savings Bank SB 301 Account

Lakshmi Basic Savings Bank Deposit Account

Lakshmi Savings Gold Saving Account

Lakshmi Savings Star Gold Saving Account

Lakshmi Titanium Savings Account

The details for savings accounts are as under

Monthly Average Balance

10,000 to 1,00,000 rupees

Rate of Interest

Up to 1 Lac – 4% Above 1 Lac- 5.25% to 6.5%

Account Opening Process

Online through website

Channel of Access

Mobile, Netbanking, Branch & ATMs

Ease of use

Average to poor

What We Like

Higher rate of interest

What We Didn't Like

No so good mobile or internet banking

Does not provide accidental insurance

Major branches in southern part

Best For

Individuals who are looking to earn a higher interest income.

#11. Bandhan Bank

If you are looking to banking with a new bank which has roots for social cause then go for Bandhan bank.

The bank has a good range of savings account products but mostly at the regular end with normal benefits.

Best Bandhan Bank Savings Account

Bandhan Premium Savings Account

Bandhan Standard Savings Account

Bandhan Advantage Savings Account

Bandhan Sanchay Savings Account

Bandhan BSBDA Savings Account

The details for savings accounts are as under

Monthly Average Balance

Rs. 2,000 to Rs. 1 Lac

Rate of Interest

Up to 1 Lac – 4% Above 1 Lac- 6% to 7%

Account Opening Process

Online through website

Channel of Access

Mobile, Netbanking, Branch & ATMs

Ease of use

Average to poor

What We Like

Higher rate of interest

What We Didn't Like

Higher interest rate is on incremental balance over Rs. 1 Lac

Less branches

Best For

Individuals who are looking to earn a higher interest income.

#12. Digibank by DBS

You can open a savings bank account with Digi bank instantly with Aadhar. There is an online mechanism for customer support by no bank branches. The bank only has contact points.

The details for savings accounts are as under

Monthly Average Balance

Rs. 2,000 to 1,00,000 rupees

Rate of Interest

Up to 1 Lac – 5.5% Above 1 Lac- 7% to 4%

Account Opening Process

Via digi app

Channel of Access

Mobile, Netbanking,

Ease of use

Average

Variants of Savings Accounts

NIL

What We Like

Higher rate of interest

What We Didn't Like

Interest rate is on incremental amount

No branches only have contact points

Lesser interest rates for an amount over Rs. 5 Lacs

Best For

Individuals who are looking to earn a higher interest income.

Best Bank in India for Students (Saving Account for Students)

#13. State Bank of India (For Widespread Reach & Services)

Anywhere you go in the country, you are sure to find an SBI branch and ATM. The best is that SBI as dedicated branches and extension counters at various schools, colleges and universities.

All of which saves students time and helps them in paying regular fees and exam fees with ease. Plus the students have access to banking services which carry lower charges.

Best State Bank of India Savings Account

SBI Basic Savings Bank Account

SBI Small Savings Account

SBI Insta Savings Account

SBI Digital Savings Account

The details for savings accounts are as under

Monthly Average Balance

Metro/ Urban – Rs. 3,000 Semi Urban – Rs. 2000 Rural – Rs. 1000

Rate of Interest

Up to 1 Lac – 3.50% Above 1 Lac-3.5% to 4%

Account Opening Process

Online through website, YONO app, Branch

Channel of Access

Mobile, Netbanking, Branch and ATM

Ease of use

Average to good

What We Like

Widespread reach and services

Lowest average monthly balance

What We Didn't Like

No premium savings accounts or benefits

Best For

Students and for persons with a nearby branch.

Best Digital Bank in India (Payments Banks)

#14. Paytm Payment Bank

With Paytm savings account, your phone is your bank. You can enjoy the convenience of banking from your phone.

Paytm payments bank is basically to cater for cashless payments transaction and minimal banking needs of unbanked sections of society.

You can open zero balance savings account with Paytm banks with no hassle to maintain monthly average balance.

Unlike traditional banks, you need not to fill forms for account opening. The account opening is simple and completely digital via the paytm app. But you need to submit documents to complete your KYC at the nearby location.

Paytm does not charge any money for all online fund transfers done via IMPS, UPI or NEFT to another Paytm bank account or Paytm wallet.

However, you need to pay 1% per transaction for domestic money transfers. Paytm also charges Rs. 3 for account verification done.

The drawback is that you can hold only up to Rs. 1 Lac combined in your savings bank account + wallet. Any excess balance is auto swept into fixed deposit at IndusInd bank at 8% interest rates.

The details for savings accounts are as under

Monthly Average Balance

NIL

Rate of Interest

Up to 1 Lac – 4%

Account Opening Process

Paytm App

Channel of Access

Mobile

Ease of use

Average to good

Variants of Savings Accounts

NIL

What We Like

Digital account opening via app

Zero monthly average balance

Real-time passbook updates

What We Didn't Like

4% charges on money transfers from wallet to a bank account

One or 2 branches

Account balance limited to Rs. 1 Lac

Best For

Individuals using mobile for payments and basic banking with needs up to Rs. 1 Lac.

#15. Airtel Payments Bank

Airtel bank is best for making few banking transactions and making various payments like electricity and gas bills, mobile, telephone and water bills, DTH, data card and insurance.

The savings bank account can be opened via Airtel app, you even get an online debit card.

However, there is no physical branch but you can withdraw and deposit cash at 5 lac+ banking points. These banking points are the earlier recharge shops airtel outlets.

The details for savings accounts are as under

Monthly Average Balance

NIL

Rate of Interest

Up to 1 Lac – 4%

Account Opening Process

Airtel App

Channel of Access

Mobile

Ease of use

Average to good

Variants of Savings Accounts

NIL

What We Like

Digital account opening via app

Zero monthly average balance

5 Lacs+ banking points

What We Didn't Like

Only contact points and no branches

Account balance limited to Rs. 1 Lac

Best For

Individuals using mobile for payments and basic banking with needs up to Rs. 1 Lac.

Best PSU (Government) Bank in India

#16. Bank of Baroda

Bank of Baroda is the second largest PSU banks with good products and quality customer service.

The bank offers a decent net banking service but the apps are average.

The best thing is that all the savings account variants require the lowest quarterly average balance when compared to other banks.

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Comments

Please compare cost of maintaining account also such as annual debit card charges, penalty for not maintaining aqb etc. PSU Banks don’t have concept of aqb. Your aqb may 10x but if you didn’t have required minimum balance even for a day, you will be penalized